In The Money: Google’s NFC Partner ViVOtech Raises $24 Million

We’ve yet to see mass-market adoption of NFC-based mobile payment services — or, indeed, of any point-of-sale mobile payment systems — but there’s plenty of activity in the space as operators, payment providers and tech companies line up to make it a reality. One of the more prominent of these — the startup ViVOtech — today announced that it has closed a third round of funding of $24 million.

ViVOtech is perhaps best known at the moment for its role in Google’s mobile payment scheme, Google Wallet, which is being rolled out first with the U.S. operator Sprint.

But before that has even taken off, ViVOtech has already built up its own sizable network of NFC scanners at points of sale across the U.S. and other markets. According to Bloomberg, it has 80 percent of the U.S. market for NFC scanners, and has in total installed 800,000 readers worldwide. Although, of course, there is a lot more room for growth in both cases. Bloomberg also notes the company is planning an IPO in 2012.

This current round of funding, according to the release, included new investors Singapore’s EDBI, SingTel Innov8, and Motorola (NYSE: MMI) Solutions Venture Capital. Also included were existing investors Alloy Ventures, Citi Ventures, Draper Fisher Jurveston, DFJ Gotham, First Data Corporation, Miven Ventures, Motorola Mobility, Nokia (NYSE: NOK) Growth Partners and NCR.

The company says the funds will be used to extend ViVOtech’s footprint beyond the 35 countries where it already has software and equipment installed. The participation of the two groups from Singapore, in particular the investment arm of the multinational telco SingTel, should drive more activity in Asia-Pacific.